Its investors include global venture capital firm New Enterprise Associates (NEA), Air Liquide Investments in the future And Demonstration (ALIAD), the capital development company of Air Liquide, and individual investors.
"Terrajoule's energy storage solution removes a fundamental obstacle to the next few decades of sustainable energy growth worldwide," said Arno Penzias, NEA venture partner, Nobel Prize winner (Physics 1978) and Terrajoule advisor. "Since NEA's initial investment in 2009, the company has made outstanding technological progress, and we're excited to partner with Terrajoule in its next stage of growth."
Terrajoule's technology can result in continuous, on-demand solar power generation, from 100 kW to 20 MW, with a payback compared to diesel-based off-grid and on-grid power. The company is targeting a number of applications in the industrial and agricultural sectors including distributed electricity production, especially in locations with electrical grids that are inadequate to support economic growth, and waste heat recovery to improve the efficiency of industrial operations.